In slightly over seven months, Apple shareholders have lost a mind boggling $283.78 billion.
I doubt there’s been anything like it in the history of stock markets.
Apple’s share price, which peaked at $702.10 on September 19, 2012, closed at $398.67 on Monday, April 22, 2013.
Apple’s market capitalization (total shares multiplied by share price) has collapsed from a stratospheric high of $658.15 billion in September 2012 to a more earthly $374.37 billion on April 22.
In other words, a tumble of over 43%.
What about Tomorrow?
Tomorrow could pile on more bad news for Apple shareholders when the company announces its fiscal second quarter results.
Several analysts are pessimistic about Apple’s second quarter results.
Apple’s large suppliers like LG (supplier of panels) and Hon Hai Precision Industry Co. (maker of iPhones) have already posted unimpressive results.
A Bloomberg poll of analysts predicts Apple’s fiscal second quarter profits will decline 18% to $9.53 billion ($10.02 a share).
The same analysts expect Apple’s revenues to grow at the slowest pace since 2009 – a rise of 8% to $42.4 billion.
Slowdown in iPhone sales, severe competition from cheaper Android devices, absence of a messianic leader like Steve Jobs and lack of a compelling new product are contributing to the significant loss of Apple’s sheen.
SearchIndia.com will not be surprised to see Apple’s shares sliding to $300 in the not too distant future.
Apple shareholders must gird up for excruciating pain in the coming months.